Four Historic Properties to Be Honored at October Conference
SAN FRANCISCO, Oct. 10, 2024 /PRNewswire-PRWeb/ -- Properties that were once a nursing facility, segregated school, power plant and a powerhouse have all entered new eras of existence and are winners of the 2024 Novogradac Journal of Tax Credits Historic Rehabilitation Award.
The awards are for participants who strive for excellence in historic preservation. The 2024 winners are:
- Yaquina Hall in Salem, Oregon, for HTC Residential Development that Best Exemplifies Major Community Impact.
- Thurgood Marshall Amenity Center in Baltimore for HTC Nonresidential Development that Best Exemplifies Major Community Impact.
- The Battery in Philadelphia for HTC Residential Development That Overcame Significant Obstacles.
- The Powerhouse at University Center in Rock Hill, South Carolina, for HTC Nonresidential Development that Overcame Significant Obstacles.
Winners will be honored at the Novogradac 2024 Historic Tax Credit Conference, Oct. 10-11 in Kansas City, Missouri.
"I'm continually impressed with what developers are able to do when revitalizing historic properties and this year's slate of award winners is no different," said Michael Kressig, CPA, chair of the October conference and partner in Novogradac's St. Louis office. "The impact these developments will have on their respective communities demonstrates what is possible with historic rehabilitation tax credits."
Yaquina Hall, developed by the Salem Housing Authority, revitalized a former Oregon State Hospital Nursing Building in Salem, Oregon, into 52 apartments of supportive housing to address the needs of vulnerable populations. All apartments are subsidized through project-based vouchers, with residents paying 30% of their income for rent. U.S. Bank provided $2.8 million in federal HTC equity to finance the renovation.
Thurgood Marshall Amenity Center, developed by Beloved Community Services Corporation, saw the transformation of the former Henry Highland Garnet School in Baltimore's Upton neighborhood become a host to a variety of services, including a speaker series, education programs, ethics training and community outreach. Justice Thurgood Marshall attended the school, which closed during the 1970s, from 1914 to 1921. The endeavor received $1.7 million in federal HTC equity and $1.8 million in state HTC equity from Enhanced Capital and U.S. Bank.
The Battery, developed by Luber-Adler, converted a long-abandoned power plant in Philadelphia into a mixed-use building that feature 186 new residential apartments. The Philadelphia Electric Company's Delaware Station was completed in 1923, retired in 1975 and faced demolition before being bought in 2015. The first two floors of the site are now offices. Venues for special events and a 45-room hotel also were added.
The Powerhouse at University Center, developed by The Sherbert Group, rehabilitated and adaptively reused the former Rock Hill Printing and Finishing Company Complex's powerhouse structure. The site is now a mixed-use development with 37 apartments, an on-site brewery, food hall with six restaurants and event spaces. TMS Development's overall capital requirement was more than $10 million, which included an allocation of the federal HTCs, state HTCs and the state textile mill credit.
Additional details about the award winners and information on how to nominate a development for the 2025 round of awards can be found at http://www.novoco.com/events/awards.
About Novogradac
Novogradac, which has been in business for nearly 35 years, has grown to more than 750 employees and partners with offices in more than 25 cities. Tax, audit and consulting specialty practice areas for Novogradac include affordable housing, community development, historic rehabilitation and renewable energy. For additional information on Novogradac's personnel and areas of expertise, visit http://www.novoco.com or call (415) 356-8000.
Media Contact
Events Desk, Novogradac & Co. LLP, (415) 356-7970, [email protected], www.novoco.com
SOURCE Novogradac & Co. LLP
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